The intangible assets section of Whispering Winds Company at December 31, 2022, is presented here. Patents ($60,000 cost less $6,000 amortization) Franchises ($35,000 cost less $14,000 amortization) $54,000 21,000 Total $75,000 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $18,000 legal costs to successfully defend the patent against infringement by another company. Sept. Paid $45,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. 1 Oct. 1 Nov.- Dec. Acquired a franchise for $110,000. The franchise has a useful life of 50 years. Developed a new product, incurring $130,000 in research and development costs during December. A patent was granted for the product on January 1, 2024. (a) Your answer is correct. SUPPO Prepare journal entries to record the transactions above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Date Jan. 2 Account Titles and Explanation Patents Cash Sept. 1 Advertising Expense Cash Oct. 1 Franchises Cash Debit 18000 45000 110000 Nov.-Dec. Research and Development Expense 130000 Cash eTextbook and Media List of Accounts Your answer is partially correct. Credit 18000 45000 110000 130000 Attempts: 1 of 5 used Prepare journal entries to record the 2023 amortization expense for intangible assets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (c) Date Account Titles and Explanation Dec. 31 Dec. 31 Amortization Expense Patents (To record patents amortization) Amortization Expense Franchises (To record franchise amortization) eTextbook and Media List of Accounts Save for Later Your answer is partially correct. Prepare the intangible assets section of the balance sheet at December 31, 2023. Whispering Winds Company Intangible Assets Patents Franchises Balance Sheet (Partial) December 31, 2023 Debit $ 64000 126750 Total Intangible Assets $ 190750 8000 4250 Credit 8000 4250 Attempts: 1 of 5 used Submit Answer